Cyprus-based Eschatology Entertainment secures €10.2 million to finalise upcoming games

Eschatology Entertainment, a game development studio in Nicosia known for its team of industry veterans, announced the closing of a €10.2 million investment round led by KRAFTON, with GEM Capital and The Games Fund joining the round.

The investment in the gaming company is considered to be the largest of its kind to be carried out in Cyprus and is of particular note because it comes ahead of the products' actual launch.

In a LinkedIn post, the company said, "When you secure investments before launch, it's the most exciting news and the beginning of an incredibly challenging journey. Today, the team at Eschatology Entertainment is thrilled to share the news of closing a new round of investments of $11.3M led by KRAFTON Inc. with the participation of GEM Capital and The Games Fund. 65 specialists from almost all around the world are raising their glasses, not just for the deal, but for the opportunity to create the game of our dreams and an extraordinarily successful product.”

Expanding its ownership in the company, GEM Capital is considered to be further demonstrating its commitment to the Eschatology Entertainment team. The investment will support development of the studio’s upcoming Souls-like FPS set in an Apocalyptic Wild West, enabling the company to finalize critical development stages towards ensuring the game’s smooth production and launch.

The studio’s previous $4 million investment round (co-led by GEM Capital and The Games Fund) enabled the initial development phases and assembling an outstanding team. With this new $11.3 million capital injection, Eschatology is on track to release its first project. The game is now in its most active production phase, following the completion of pre-production and a showcase vertical slice. This investment ensures a seamless production process, high-quality development and timely release. Additionally, Eschatology plans to establish a publishing team, reflecting their ambitions beyond this initial project.

“This deal is more than just a financial investment; it’s a collaborative journey that allows us to fully immerse ourselves in creating a world rich in atmosphere, history, and tough challenges. With the support of our new partner, KRAFTON, and the ongoing teamwork with old friends GEM Capital and The Games Fund, we now have all the resources needed to bring our ambitious vision to life. It is not only an opportunity to finish a unique, strong product. It is important for us to narrate this incredible story through different games, opening with an alternative apocalyptic Wild West setting,” said Fuad Kuliev, co-founder of the studio has commented to the press.

“Eschatology Entertainment has an exciting future ahead of them, and we’re delighted to offer support to the team and their innovative ideas,” said Maria Park, KRAFTON’s VP and Head of Corporate Development. “This is at the very heart of what KRAFTON’s ‘Scale-Up-the Creative’ strategy is all about – finding the best talent in gaming and working with them to bring their creativity to the whole world.”

Also read: Fuad Kuliev: Companies here want to participate in shaping Cyprus’ game development scene

(Sources: EUstartups.com. LinkedIn)